There can be unexpected costs when buying a home, so it’s important to be as prepared as possible. The process can be daunting even for experienced buyers, so when it’s your first time buying a property it’s normal to feel a little overwhelmed. The process is often filled with paperwork, uncertain procedures and, just to add some extra stress, involves a huge financial commitment.
So what can you do to make the process a little easier? We’ve compiled a list of our top 6 tips for new home buyers to help you before you dive into property ownership.
1. Check your eligibility for First Home-Owner Grants and Subsidies
To boost the economy and the Australian housing market, the government introduced several initiatives to help people get onto the property ladder. Checking to see if you are eligible for the First home owners grant is the first step you need to take.
2. Save, then save, then save some more
The more money you have as a deposit, the better off you’ll be in the long run. Creating a budget and sticking to it will help boost your savings. The bigger your deposit, the less you’ll have to pay in interest over the 25-30 years you’re paying your mortgage and you’ll hopefully avoid Lender’s Mortgage Insurance (LMI).
3. Spend time researching the right mortgage
Choosing the right mortgage can save you thousands of dollars over the term of your loan. With interest rates in Australia at an all-time low because of 2020’s global pandemic, it’s a fantastic time to lock in a great deal. The more time you spend researching, the more chance you’ll have of finding the best-value mortgage. If you’re not confident finding a mortgage, you can engage a mortgage broker to work on your behalf.
4. Budget for other costs
While your deposit will be the biggest cost involved when buying a home, it’s important to factor in other costs, such as:
- Mortgage fees
- Stamp duty
- Conveyancing fees
- Survey/building inspection fees
- Moving costs
Make sure you have enough to cover these costs, that way your transition to home ownership will be smoother.
5. Find a trustworthy settlement agent/conveyancer
Once you have found your perfect home, negotiated the right price and secured the right mortgage, you need to find the right settlement agent. That’s where we come in. C&R Settlements will take care of everything so settlement is simple and stress-free, meaning you can move in sooner.
6. Enjoy your new house!
Yes, moving house can be stressful, but it’s also very exciting! You’ve done all the hard work, so make sure you sit back, relax and take the time to enjoy your new home. Congratulations.
No matter at what stage you are in your purchasing journey, a settlement undertaken without proper guidance, knowledge or experience can leave you blindsided by a host of delays, expenses and even potential loss of ownership. With the right professional in your corner, you’ll enjoy a stress-free real estate transaction, so contact us today and let C&R settlements help you achieve your dream home.